Assistant Professor of Finance Room 5009, Department of Finance Email: [email protected] Lee Shau Kee Business Building Phone: (852)23588298 Hong Kong University of Science and Technology WWW: http://www.yan-ji.net Clear Water Bay, Kowloon, Hong Kong
EDUCATION
June, 2017 Ph.D. Economics MIT
June, 2011 M.S. Civil and Environmental Engineering MIT
July, 2009 B. Eng. Automation Tsinghua University
RESEARCH INTERESTS
Asset Pricing and Its Connection to Industrial Organization Macroeconomic Aspects of Financial Frictions and Economic Development
WORK EXPERIENCE
2017-present Assistant Professor of Finance, HKUST Business School 1/2016-5/2016 Consultant, Inter-American Development Bank (IADB), DC 6/2013-9/2013 Research Officer, International Monetary Fund (IMF), DC 2011-2017 Research Assistant to Prof. Robert M. Townsend, MIT 1/2010-5/2010 Research Assistant to Prof. Gustavo Manso, MIT 2010-2016 Teaching Assistant, MIT
AWARDS, FELLOWSHIPS AND HONORS
2021 PwC 3535 Finance Forum Best Paper Award for “Inalienable Customer Capital, Corporate Liquidity, and Stock Returns,” PwC Mainland China & Hong Kong 2021 Dean’s fellowship for research achievements, HKUST Business School 2020 Best Paper Award on Asset Pricing for “Asset Pricing with Misallocation,” Northern Finance Association (NFA) Annual Conference 2020 AAII Award for Outstanding Paper on Investments for “The Oligopoly Lucas Tree,” Midwest Finance Association (MFA) Annual Conference 2019 Best Paper Award for “Competition, Profitability, and Discount Rates,” China International Conference in Macroeconomics (CICM) 2017 Marshall Blume Prize in Financial Research for “Inalienable Customer Capital, Corporate Liquidity, and Stock Returns,” Rodney L. White Center at Wharton 2009 Schoettler fellowship, MIT 2009 Graduation with highest honors (top 1%), Tsinghua University 2005-2009 First-class scholarship (every year), Tsinghua University 2006 Special award (1st place in Beijing), 23rd Beijing Physics Olympiad for Non-Physics Major Undergraduates 2004 Gold medal (19th place in China, 1st place in province), 21st Chinese Physics Olympiad PUBLICATIONS
2021 The Oligopoly Lucas Tree with Winston Dou and Wei Wu Review of Financial Studies, forthcoming
2021 External Financing and Customer Capital: A Financial Theory of Markups with Winston Dou Management Science, forthcoming
2021 Competition, Profitability, and Discount Rates with Winston Dou and Wei Wu Journal of Financial Economics, Volume 140, Issue 2, p. 582-620
2021 Job Search under Debt: Aggregate Implications of Student Loans Journal of Monetary Economics, Volume 117, p. 741-759
2021 Distinguishing Constraints on Financial Inclusion and Their Impact on GDP, TFP, and the Distribution of Income with Era Dabla-Norris, Robert M. Townsend, and D. Filiz Unsal Journal of Monetary Economics (lead article), Volume 117, p. 1-18
2021 Inalienable Customer Capital, Corporate Liquidity, and Stock Returns with Winston Dou, David Reibstein, and Wei Wu Journal of Finance, Volume 76, Issue 1, p. 211-265
WORKING PAPERS
2021 Asset Pricing with Misallocation with Winston Dou, Di Tian, and Pengfei Wang
2020 Feedback and Contagion through Distressed Competition with Hui Chen, Winston Dou, and Hongye Guo Journal of Finance, revise and resubmit
2021 Branch Expansion versus Digital Banking: The Dynamics of Growth and Inequality in a Spatial Equilibrium Model with Songyuan Teng and Robert M. Townsend Journal of Political Economy, revise and resubmit
SEMINAR AND CONFERENCE PRESENTATIONS (*coauthor presentation)
2022 Conferences: American Finance Association Annual Meeting (Boston)
2021 Seminars: Shanghai University of Finance & Economics (Finance); Wharton (Micro lunch)*; University of Michigan (Finance)*; University of Pennsylvania (Economics)*; Central University of Finance and Economics (Finance); Hong Kong University of Science and Technology (Finance brownbag); University of British Columbia (Finance)* Conferences: American Finance Association Annual Meeting (online)*; PKU/PHBS Sargent Institute Conference (online)*; Financial Markets and Corporate Governance Conference; Tsinghua School of Economic and Management Alumni Conference; SFS Cavalcade North America Conference (online); North American Summer Meeting of the Econometric Society (online); Western Finance Association Meetings (online)*; Asian Meeting of the Econometric Society (online)*; Society for Economic Dynamics (online); China Meeting of the Econometric Society (online)*; Australian Meeting of the Econometric Society (online)*; China International Conference in Finance (Shanghai); China International Conference in Macroeconomics (Beijing); China Financial Research Conference (Beijing)*; Ministry of Finance Mexico (online)*; Asian Quantitative Finance Seminar series (online); Asian Finance Association Annual Meeting (online); SWUFE International Macro-Finance Conference (online); SAIF Summer Institute of Finance (Shanghai)*; Luohan Academy Frontier Dialogue*; SAFE Asset Pricing Workshop (online)*; CUHK Greater Bay Finance Conference (Hong Kong)
2020 Seminars: Hong Kong University of Science and Technology (Finance brownbag); PKU/PHBS Sargent Institute; EPFL Swiss Finance Institute & HEC Lausanne*; Singapore Management University (Finance); Federal Reserve Bank of Richmond*; Baruch College (Finance)*; Wharton (Macro lunch)*; University of Texas Dallas (Finance)* Conferences: HEC-McGill Winter Finance Workshop (Fernie); Midwest Finance Association Annual Conference (online); The Financial Intermediation Research Society Conference (cancelled); SFS Cavalcade North America Conference (online)*; European Finance Association Annual Meeting (online)*; NBER Summer Institute - Capital Markets and the Economy (online)*; Stanford SITE - Asset Pricing, Macro Finance and Computation (online)*; Northern Finance Association Conference (online); Macro Finance Society Workshop (online)*; Finance, Organizations and Markets Conference (online)*; Roundtable on Central Banking and Inequality (online)*
2019 Seminars: Peking University (Guanghua Finance); Hong Kong University of Science and Technology (Finance brownbag); City University of Hong Kong (Finance)*; Chinese University of Hong Kong Shenzhen (Finance)*; University of Rochester (Finance)*; University of Texas Dallas (Finance)*; Federal Reserve Bank of Dallas*; Wharton (Macro Lunch)* Conferences: Midwest Finance Association Annual Conference (Chicago); Young Scholars Finance Consortium (College Station, Texas)*; Mays Innovation Research Center Brown Bag*; University of Kentucky Finance Conference (Kentucky)*; Northeastern University Finance Conference (Boston)*; HKUST-JINAN Conference (Hong Kong); China International Conference in Macroeconomics (Shenzhen)*; China International Conference in Finance (Guangzhou); Stanford SITE - Asset Pricing, Macro Finance and Computation (Stanford)*; European Finance Association Annual Meeting (Carcavelos)*; Greater Bay Area Summer Finance Conference (Hong Kong); Northern Finance Association Conference (Vancouver); Conference on Systemic Risk and Financial Stability (Freiburg im Breisgau)*; SAFE Asset Pricing Workshop (Frankfurt)*; PKU/PHBS Sargent Institute Conference (Shenzhen); HKUST-JINAN Conference (Guangzhou); The Macroeconomy and Finance in China Conference (Beijing)*
2018 Seminars: INSEAD (Finance)*; Peking University (Guanghua Finance)*; Wharton (Micro Lunch)* Conferences: American Finance Association Annual Meeting (Philadelphia)*; HKUST Summer Workshop on Macroeconomics (Hong Kong); AFR Summer Institute of Economics and Finance (Hangzhou); China International Conference in Macroeconomics (Beijing); European Finance Association Annual Meeting (Warsaw); Northern Finance Association Annual Meeting (Charlevoix)*; Darden-Cambridge Judge-HKU FBE Entrepreneurship and Innovation Research Conference (Hong Kong); Mack Institute for Innovation Management (Philadelphia)*; MIT Junior Finance Faculty Conference (Boston)*; Corporate Policies and Asset Prices Conference (London)*; HKUST Finance Symposium (Hong Kong); HKUST-JINAN Conference (Guangzhou); PHBS Workshop in Macroeconomics and Finance (Shenzhen); Annual Meeting of the International Monetary Fund and World Bank Group*
2017 Seminars: University of California at Los Angeles (Economics)*; University of Hong Kong (Finance)*; Nanyang Technological University (Finance); Singapore Management University (Finance brownbag); Hong Kong University of Science and Technology (Finance brownbag); Texas A&M (Finance brownbag)*; Wharton (Micro Lunch)*; University of British Columbia (Finance)*; Federal Reserve Bank of Philadelphia* Junior Recruiting Seminars: University of Wisconsin Madison (Economics); Stanford (Finance); Northwestern (Finance); University of Maryland (Economics); University of Hong Kong (Economics/Finance); Tsinghua (SEM Economics); Hong Kong University of Science and Technology (Finance) Conferences: Barcelona GSE Forum: Workshop on Search and Matching (Barcelona); Workshop on Finance and Development: Data, Research, and Policy Design (Bangkok); HKUST Summer Workshop on Macroeconomics (Hong Kong); Society for Economic Dynamics (Edinburgh); Society for the Advancement of Economic Theory (Faro); AMA Conference of Marketing Strategy Meets Wall Street (San Francisco)*; Hong Kong Joint Finance Research Workshop (Hong Kong); Annual Conference on Financial Economics and Accounting (Philadelphia); Rising Five-Star Workshop at Columbia Business School (New York)*; HKUST Finance Symposium (Hong Kong); Australasian Finance and Banking Conference (Sydney); Auckland Finance Meeting (Queenstown)
Before 2017 Seminars: Michigan State University (Economics, 2016)*; MIT (Economics, 2016) Conferences: University of Chicago Graduate Student Conference (Chicago, 2016); World Congress of the Econometric Society (Montreal, 2015); IMF Workshop on Macroeconomic Policy and Income Inequality (DC, 2014)
RESEARCH GRANTS
2020-2023 Hong Kong RGC ECS Grant (Project No. 26502619, PI) 2019-2022 Hong Kong RGC GRF Grant (Project No. 16500718, PI) 2017-2020 HKUST Initiation Grant for New Faculty 2017-2022 HKUST Junior Faculty Start-up Fund
TEACHING
Since 2018 Instructor at HKUST UG: Derivative Securities (FINA 3203) 2018 Spring, 2018 Fall, 2020 Spring, 2021 Spring Dean’s recognition for teaching excellence, every year
G: Theoretical Asset Pricing (FINA 7900B) 2021 Spring
2010-2016 Instructor at MIT UG: Principles of Macroeconomics (14.02)
Teaching Assistant at MIT UG: Principles of Macroeconomics (14.02); Java Programming (1.00) G: Finance Theory I, II (15.401, 15.402, 15.415); Advanced Corporate Finance (15.434); Analytics of Finance (15.450); International Economics I (14.581)
PROFESSIONAL ACTIVITIES
Referee Journal of Finance, Management Science, Economic Journal, Journal of Development Economics, Review of Asset Pricing Studies, Financial Management, Labour Economics, Economics of Education Review, National Science Foundation
Service Department recruiting committee (tenured and tenure-track) 2017-2022 Department Ph.D. committee 2017-2022 HKUST-NYU Stern MS in Global Finance, project adviser, 2019, 2020 Program Committee, Midwest Finance Association (MFA) Annual Conference, 2020
Students Ph.D. dissertation committee member: Hei Chun Lo (Ph.D. in Economics, 2022, ongoing), Fei Zhou (Ph.D. in Economics, 2020, Assistant Professor of Economics, Hong Kong Baptist University), Chenjie Xu (Ph.D. in Finance, 2019, Assistant Professor of Finance, Shanghai University of Finance and Economics), Sichuang Xu (Ph.D. in Economics, 2019, Assistant Professor of Economics, CUHK Shenzhen)
Mphil thesis committee member: Yu Zhou (2021), Xinyan Luo (2021), Xiao Zhao (2020), Huang Huang (2020), Yuzhou Hu (2018)
Undergraduates going to Master/Ph.D. programs: Candice Yu Dong (2021, Master of Finance, London School of Economics), Songyuan Teng (2020, Ph.D. in Economics, Yale University), Wenyu Lu (2020, Master of Finance, Imperial College), Kaiyue Ruan (2020, Master of Finance, MIT), Ziyue Zhang (2020, Master of Finance, Princeton University), Wenjie Fan (2019, Master of Finance, University of Chicago), Shuning Wu (2019, Master of Finance, MIT)